Bookkeeping Month-End Checklist
The order to do a month-end close in, written for Canadian small business. Tick down the list; print it and keep it beside the screen.
Month-end goes wrong in a predictable order. People reconcile before all the transactions are in, file sales tax before the adjustments are posted, and discover in month four that month two was never actually closed.
This is the sequence that avoids that. It is software-agnostic — the same order applies in QuickBooks Online, Sage 50 or a spreadsheet — and it assumes a Canadian business with GST or HST to account for. Steps that only apply if you run payroll are marked.
It is a checklist rather than a course. If any step on it is unfamiliar rather than merely tedious, that is what Bookkeeping Fundamentals is for.
Want the skill rather than the keystroke? The QuickBooks courses cover this material with an instructor, and the Accounting software guides cover it in writing, free.
1. Before you reconcile anything
| Step | What it does |
|---|---|
| Confirm every bank feed and receipt capture has finished importing for the period | |
| Enter or import any transactions that never arrive automatically — cash, cheques, owner expenses | |
| Clear the uncategorised or suspense account to zeroAnything left here is a decision you have deferred, and it will be harder to make next month, not easier. | |
| Check that no transactions are dated into a future period |
2. Bank and credit cards
| Step | What it does |
|---|---|
| Reconcile every bank account against the statement, not against the feedThe feed and the statement can disagree. The statement is the authority. | |
| Reconcile every credit card account the same way | |
| Investigate stale uncleared items — cheques outstanding for months usually mean an error, not a slow payee | |
| Confirm the closing balance in the books matches the statement exactly |
3. Receivables and payables
| Step | What it does |
|---|---|
| Review the aged receivables list and chase anything past terms | |
| Review aged payables and confirm nothing has been entered twice | |
| Match supplier statements to what is in the books | |
| Write off or provide for anything genuinely uncollectible, with a note explaining why |
4. Sales tax
| Step | What it does |
|---|---|
| Confirm the sales tax code on every transaction in the period is rightZero-rated, exempt and out-of-province all behave differently. This is where American software tutorials cause the most damage. | |
| Run the sales tax report and agree it to the GST/HST control account | |
| Check input tax credits are claimed only on eligible expenses | |
| File and remit if this month ends a reporting period |
5. Payroll (if you run it)
| Step | What it does |
|---|---|
| Confirm every pay run in the period is posted to the books | |
| Agree the payroll liability accounts to what is actually owed | |
| Confirm the CRA source deduction remittance has been made for the periodLate source deductions attract penalties immediately. This is the deadline to protect above all others. | |
| Accrue vacation pay if you carry it |
6. Review, then close
| Step | What it does |
|---|---|
| Post recurring adjusting entries — depreciation, prepaid expenses, accruals | |
| Run the trial balance and confirm it balances | |
| Compare the profit and loss against last month and explain anything that moved sharplyThis is the step that catches miscoded transactions. Five minutes here saves an hour at year-end. | |
| Review the balance sheet for accounts that should be zero and are not | |
| Lock or close the period so it cannot be edited by accident | |
| Back up, or confirm the cloud file has a restore point |
Nothing on this sheet matches that. Clear the box to see everything, or try another cheat sheet.
Other cheat sheets
- Excel Keyboard ShortcutsThe Excel shortcuts worth committing to memory, grouped by what you are trying to do. Type in the box to filter; the whole table prints on two pages.
- Outlook & OneNote ShortcutsOutlook and OneNote shortcuts in one place, because most people use them in the same half hour. Filter with the box; print it for the wall.
- Microsoft 365 ShortcutsShortcuts that work everywhere in Microsoft 365, plus the handful of app-specific ones worth the memory. Filter the table or print it.
All four are listed on the cheat sheets index, and the rest of the free material is in the guide library.